This has been a very quiet board, but no posts in the last two and a half years? Everyone must be asleep, but I realize that we all rest well as shareholders in this bank.
Last week, the company released its 2012 audited financial statements, which is the first time that they have not been incorporated into a 10-K.
First National Bank of Alaska (FBAK), 90 years old last year, trades at 14.2x TTM earnings,1.24x book and yields 2.85%. One thing that got my attention was the increase in total loan footings of 9.7% last year.
Risks remain from declining production on the north slope--with its attendant effects on the Alaska economy, the possible impact of the sequester on the military here and potential negative fallout from Dodd-Frank,
While I haven’t been tracking volume in this stock closely, the 458 shares which exchanged hands this past Friday appears unusual.
Excellent management and strong capital is such a comfort. D.H. Cuddy is one year older than the FBAK and just as much an institution--may he live to be 100 and beyond. He’s been at the helm over 60 years, since 1951! His daughter and son-in-law work there too. The bank has about 2.5x the minimum regulatory capital!